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Last week, BIS Oxford Economics forecast that the number of apartment commencements across Australia will fall below 60,000 by mid-2020, compared with around 119,000 in the March 2016 quarter, with Brisbane and Melbourne bearing the brunt:
High-rise apartment commencements in Queensland will fall as much as 70 per cent from their peak in 2015/2016 and they will fall 60 per cent in Victoria, BIS said. Even NSW will see its number halve from the 2016/17 peak, it said.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.